Stockmarket crash occurring now

Australian shares plunged a massive 5 per cent before noon as panic selling set in amongst investors over an expected slowdown in global growth.

The benchmark S&P/ASX 200 share index had shed more than 5 per cent before noon, down 282.1 points to 5298.3 points - its lowest since November 2006 - placing the market on course for a record 12th day of declines. - SMH